March 21, 2006 - 8:00 AM EST
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CNES 0.0009 -0.0002
Today 5d 1m 3m 1y 5y 10y
ConectiSys Receives New Financing
ConectiSys Corporation (OTC BB: CNES), a developer of automatic meter reading technologies, announced today that it has entered into agreements for convertible debt financing in the amount of up to $1.27 million. The Company expects that if the full $1.27 million is funded, the net proceeds will be sufficient for the Company to meet its cash requirements over approximately the next 12 months.
Robert Spigno, the Company's President and Chief Executive Officer, stated that, "Securing this funding is an important element of our continued efforts to commercialize, further develop and generate revenues from our H-Net(TM) automatic meter reading products and technologies, and we believe that this financing will provide the necessary funds for these efforts over the coming year."
The Company's convertible debt financing agreements contemplate an initial installment of $370,000, which amount has been received by the Company, and nine equal additional monthly installments in the amount of $100,000 each for aggregate gross proceeds to the Company of $1.27 million. The subsequent monthly investments contemplated by the convertible debt financing agreements are terminable upon 30 days advance notice by either the Company or a majority-in-interest of the lenders.
In Further News -- ConectiSys Corporation is both proud and pleased to announce the appointment of Mr. Rodney Lighthipe to Director of Business Development. Mr. Lighthipe is looking forward to the challenges of this position within the Company. In his new role, Mr. Lighthipe will be overseeing all aspects of Project Management for Systems Design, Network Operation Centers and Meter Data Management Agent (MDMA) certifications.
One of the primary responsibilities of Mr. Lighthipe's role is introducing the Company, its products and capabilities to the Utility Industry. Mr. Lighthipe has a long and distinguished career in the electric utility and energy industry spanning thirty years and is an excellent liaison between the Company and the Utility industry.
As Director of Business Development, Mr. Rodney Lighthipe will be exploring the avenues of business development, which include developing potential customer contacts, mergers, acquisitions, partnerships, pilot and phase one opportunities, joint ventures as well as relationships with synergistic companies.
In discussing his new responsibilities, Mr. Lighthipe stated that, "After a thorough review of the technology, I believe the ConectiSys product is ready for the market and the market is only getting bigger every day. There are currently an estimated 145 million residential electric meters in the United States. One percent of that market would make ConectiSys a very successful company."
Mr. Lighthipe has been a member of the ConectiSys Advisory Board since 2001, and this new endeavor makes it possible to personally assist and impact ConectiSys's success, applying his experience and expertise as Director of Business Development. For more: www.conectisys.com/Advisory_Board.htm
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein and in the Monthly Report that are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements including, but not limited to: the level of cost-effectiveness and efficiency of the Company's H-Net(TM) automatic meter reading products or technologies; changes in the Company's policies regarding communications with shareholders and the general public; the success or failure of the Company's marketing efforts and the particular efforts to be employed; the Company's ability or inability to commercialize, sell, license or further develop its H-Net(TM) automatic meter reading products or technologies; and other risks detailed from time to time in the Company's periodic reports and other filings with the Securities and Exchange Commission.
Source: Market Wire (March 21, 2006 - 8:00 AM EST)
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